The paper reports that Jenkins made the comments in a speech to the Institute of Chartered Accountants in England and Wales on Thursday night.

Maturity transformation is where banks take short-term deposits — current accounts, easy access savings accounts — and use it to fund longer-term products such as mortgages. This is central to how retail banks make their money, profiting between the difference in interest rate offered to savers and charged to borrowers.

The Telegraph report doesn't specifically say how this feature will be eroded but points to the rise of marketplace lenders like RateSetter and Funding Circle that match savers and borrowers directly, cutting out the banks who sit in the middle.

City AM reports that the end of maturity transformation is only one of several predictions made by Jenkins in his speech. Others include deep cuts to branch numbers and banking staff, more automation, more failure, and power shifting to the consumer.